Embattled Crypto Broker Voyager Announces Plan to Resume Cashouts This Week
Troubled crypto-lending platform Voyager Digital is announcing plans to resume cash withdrawals for customers this week after filing for bankruptcy last month.
According to a new blog post for the company, a court approved the crypto firm’s plan to reopen access to customers’ cash holdings as soon as August 11.
“Yesterday, the court approved our motion to restore access to cash for the benefit of Voyager’s Metropolitan Commercial Bank customers. We know how important it is to access your cash, and with this approval we will soon start processing cash withdrawals.
We expect to resume access to the Voyager app for cash withdrawals only, starting Thursday 11 August. Customers with cash (US dollars) in their accounts will receive an email with more details before access to in-app cash withdrawals becomes available.”
In early July, Voyager halted all trading, deposits and withdrawals for customers after a prominent borrower, crypto hedge fund Three Arrows Capital (3AC), failed to repay a loan worth hundreds of millions of dollars.
“We took the difficult decision to temporarily suspend trading, deposits, withdrawals and loyalty rewards… The failure of a borrower, Three Arrows Capital (3AC), to repay a significant loan from us makes this the right way forward.
While this decision is far from optimal, it will give us time to work to strengthen our balance sheet, a necessary condition to protect assets and preserve the future of the Voyager platform we have built together.”
Voyager says it will take about five to 10 business days for customers to receive their money after submitting requests.
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